Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - February 19, 2021

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EXHIBIT 99.1

UNAUDITED RECONCILIATION OF FINANCIAL DATA

    The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the fiscal year ended December 31, 2020. The Apollo Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data presented herein for the Apollo Operating Group has been reconciled to Apollo Global Management, Inc.’s financial statements for the relevant periods.


As of December 31, 2020
Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Global Management, Inc. Consolidated
Statement of Financial Data(dollars in thousands)
Assets:
Cash and cash equivalents$1,554,919 $265 $333 $1,555,517 
Restricted cash17,708 — — 17,708 
U.S. Treasury securities, at fair value— 816,985 — 816,985 
Investments (includes performance allocations of $1,624,156 as of December 31, 2020)5,202,332 334 (207,255)4,995,411 
Assets of consolidated variable interest entities:
Cash and cash equivalents— 893,306 — 893,306 
Investments, at fair value— 13,878,603 (562,587)13,316,016 
Other assets— 290,264 — 290,264 
Incentive fee receivable5,231 — — 5,231 
Due from related parties642,287 (4)(179,900)462,383 
Deferred tax assets, net3,362 — 535,882 539,244 
Other assets343,811 1,118 20,034 364,963 
Lease assets295,098 — — 295,098 
Goodwill117,553 — (595)116,958 
Total Assets$8,182,301 $15,880,871 $(394,088)$23,669,084 
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses$117,028 $198 $2,756 $119,982 
Accrued compensation and benefits82,343 — — 82,343 
Deferred revenue30,369 — — 30,369 
Due to related parties280,769 1,871 325,829 608,469 
Profit sharing payable842,677 — — 842,677 
Debt3,155,221 — — 3,155,221 
Liabilities of consolidated variable interest entities:
Debt, at fair value— 9,022,414 (361,899)8,660,515 
Notes payable— 2,574,879 (102,908)2,471,971 
Other liabilities— 836,181 (63,136)773,045 
Due to related parties— 23,898 (23,898)— 
Other liabilities246,945 28,589 20,078 295,612 
Lease liabilities332,915 — — 332,915 
Total Liabilities5,088,267 12,488,030 (203,178)17,373,119 
Redeemable non-controlling interests:
Redeemable non-controlling interests— 782,702 — 782,702 
Stockholders’ Equity:
Apollo Global Management, Inc. stockholders' equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2020264,398 — — 264,398 
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2020289,815 — — 289,815 
Additional paid in capital— (12,928)890,101 877,173 
Retained earnings (accumulated deficit)728,311 334,998 (1,063,309)— 
Accumulated other comprehensive income (loss)(1,828)17,459 (17,702)(2,071)
Total Apollo Global Management, Inc. Stockholders’ equity1,280,696 339,529 (190,910)1,429,315 
Non-Controlling Interests in consolidated entities5,118 2,270,610 — 2,275,728 
Non-Controlling Interests in Apollo Operating Group1,808,220 — — 1,808,220 
Total Stockholders’ Equity3,094,034 2,610,139 (190,910)5,513,263 
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity$8,182,301 $15,880,871 $(394,088)$23,669,084 

(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.


For the Year Ended December 31, 2020
 Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Global Management, Inc. Consolidated
Statement of Operating Data(dollars in thousands)
Revenues:
      Management fees $1,754,162 $— $(67,189)$1,686,973 
      Advisory and transaction fees, net252,710 — (3,228)249,482 
      Investment income (loss):
      Performance allocations310,352 — 127 310,479 
      Principal investment income (loss)88,547 — (6,845)81,702 
      Total investment income (loss)398,899 — (6,718)392,181 
      Incentive fees25,383 — — 25,383 
Total Revenues2,431,154 — (77,135)2,354,019 
Expenses:
      Compensation and benefits:
    Salary, bonus and benefits628,057 — — 628,057 
    Equity-based compensation213,140 — — 213,140 
    Profit sharing expense247,501 — — 247,501 
                           Total compensation and benefits1,088,698 — — 1,088,698 
      Interest expense133,233 — 6 133,239 
      General, administrative and other353,629 578 10 354,217 
      Placement fees1,810 — — 1,810 
Total Expenses1,577,370 578 16 1,577,964 
Other Income (Loss):
      Net losses from investment activities(452,973)(226)(2,288)(455,487)
      Net gains from investment activities of consolidated variable interest entities— 129,242 68,127 197,369 
      Interest income (loss)15,960 141 (1,102)14,999 
      Other income, net8,434 — 12,398 20,832 
               Total Other Income (Loss)(428,579)129,157 77,135 (222,287)
      Income (loss) before income tax provision425,205 128,579 (16)553,768 
      Income tax provision(26,549)— (60,417)(86,966)
                Net Income (Loss)398,656 128,579 (60,433)466,802 
      Net income attributable to Non-controlling Interests(195,194)— (114,994)(310,188)
Net Income (Loss) Attributable to Apollo Global Management, Inc.203,462 128,579 (175,427)156,614 
      Series A Preferred Stock Dividends(17,531)— — (17,531)
      Series B Preferred Stock Dividends(19,125)— — (19,125)
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders$166,806 $128,579 $(175,427)$119,958 

(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.



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